NBOA produces research reports to help business officers, heads of school and other independent school leaders understand key trends in independent school finances and operations that may inform strategic decisions. Some research reports draw on NBOA’s data sets in the Business Intelligence for Independent Schools (BIIS) platform, and others are produced in collaboration with business partners that serve the independent school community. All research reports are available for FREE to NBOA members. Selected reports are available for nonmembers to purchase. For guidance and thought pieces, see the Industry Guidance page.
Questions? Email research@nboa.org or call 202-407-7140.
If you or your school's investment committee are looking to assess your endowment's returns, spending policy or investment allocations, look no farther than the Commonfund Benchmarks Study of Independent Schools. The only report of its kind, this research from Commonfund Institute, conducted in partnership with NBOA, outlines the latest trends and analysis of:
This year's report shows longer-term returns are "decisively positive," with 15-year returns near or above 8% across all endowment sizes. Read the report to understand how your school's endowment is performing in context of similar sized endowments and national practices.
NBOA MEMBERS: BE SURE TO SIGN IN FOR THE NEWEST VERSION OF THIS REPORT. THE NONMEMBER REPORT IS FROM 2021.
Released: 2026
Download Members log in here for member access.
Members report year: 2025 | Nonmembers report year: 2021
Who works in the independent school business office, and what roles do they typically have? What are their professional backgrounds, and what are typical salaries for certain roles? Where is the profession heading and what are the top issues in the field today? This report provides answers to these questions and many more, with the only national analysis of:
This report is an exclusive offering from NBOA to help independent school business leaders better understand trends in the business office and the profession at large.
THIS REPORT IS FREE FOR NBOA MEMBERS. MEMBERS SHOULD SIGN INTO WEBSITE TO ACCESS THE REPORT.
Released: 2025
Nonmembers Order Members log in here for member access.
Free for NBOA members | $125 for nonmembers
**All sales (for nonmembers) are final. We are unable to issue refunds.
Independent school business leaders need context to fully understand their school’s tuition discounting practices. Is the rate healthy, or does the school need to adjust its practices to remain financially viable? Whether it’s your business office and admissions team considering financial aid policies and practices for the coming year or your board and administrative team setting tuition and considering long-term financial sustainability, this report is essential to informed leadership conversations and decisions around tuition.
In this exclusive report from NBOA, you’ll find analysis of national trends in:
The fully updated report is based on financial data from 439 member schools in NBOA’s Business Intelligence for Independent Schools (BIIS) data reporting platform.
Schools with a boarding component may be interested in the supplement: "Tuition Discounting Report for Independent PK-12 Independent Boarding Schools: 2021-2023," which focuses exclusively on the context of boarding schools.
THIS REPORT IS FREE FOR NBOA MEMBERS. MEMBERS SHOULD SIGN INTO WEBSITE TO ACCESS THE REPORT.
Released: 2024
Nonmembers Order Members log in here for member access.
Free for members | $125 for nonmembers*
*All sales (for nonmembers) are final. We are unable to issue refunds.
For independent schools with a boarding component, tuition setting and tuition discounting look very different from day school practices. That’s why NBOA developed a companion to NBOA’s "Tuition Discounting Report for PK-12 Independent Schools" specifically for boarding schools, using only the data from schools with a boarding component. In this exclusive report from NBOA, you’ll find analysis of national trends in:
THIS REPORT IS FREE FOR NBOA MEMBERS. MEMBERS SHOULD SIGN INTO WEBSITE TO ACCESS THE REPORT.
Released: 2024
Nonmembers Order Members log in here for member access.
Free for members | $125 for nonmembers*
*All sales (for nonmembers) are final. We are unable to issue refunds.
.jpg?sfvrsn=97d82211_1)
This special publication of Commonfund Institute and NBOA commemorates 20 years of our annual report on independent schools’ investment performance, endowment management and governance practices. This retrospective report summarizes the endowment landscape over the past 20 years and includes essays from leaders in the field providing perspectives on endowments.
Members log in here for member access.
The only research study based on the audited financial statements of independent schools, the Financial State of the Industry report draws on an expansive national data set, thanks to a data collaboration effort with NAIS. The report includes an executive summary and analysis of 17 financial indicators in tuition, enrollment, net assets and financial resources, operating budget, contributions and plant. Analyses are presented for day schools and schools with boarding as well as by school enrollment. In the 2023-24 school year, independent schools saw a 4% increase in median student enrollment from the prior year, with more than half of day schools experiencing increased enrollment and more than half of schools with boarding experiencing decreased enrollment. Median gross tuition and fees per student, the sticker price to attend our schools, crested the $30,000 mark for the first time in 2023-24, while median total operating expenses per student continued to rise and were more than $33,000.
THIS REPORT IS FREE FOR NBOA MEMBERS. MEMBERS SHOULD SIGN INTO WEBSITE TO ACCESS THE REPORT.
Released: 2025
Nonmembers Order Members log in here for member access.
Free for members | $49 for nonmembers*
All sales (for nonmember publications) are final. We are unable to issue refunds.
* All sales are final. We are unable to issue refunds for print or e-books.
The upgraded LRFM helps you model tuition, staffing, and revenue over 10 years. Build confidence in your school’s financial decisions—before they’re made.
